Quadrature Capital Ltd Acquires 39,820 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Quadrature Capital Ltd raised its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 205.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,174 shares of the company’s stock after buying an additional 39,820 shares during the period. Quadrature Capital Ltd’s holdings in Wolfspeed were worth $1,743,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in WOLF. SG Americas Securities LLC lifted its stake in shares of Wolfspeed by 183.5% in the fourth quarter. SG Americas Securities LLC now owns 10,834 shares of the company’s stock valued at $471,000 after buying an additional 7,013 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Wolfspeed by 80.6% during the fourth quarter. Pacer Advisors Inc. now owns 18,833 shares of the company’s stock valued at $819,000 after purchasing an additional 8,404 shares in the last quarter. FengHe Fund Management Pte. Ltd. lifted its position in shares of Wolfspeed by 438.9% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after purchasing an additional 1,165,600 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Wolfspeed by 1.0% during the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after purchasing an additional 300 shares in the last quarter. Finally, Independence Bank of Kentucky lifted its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WOLF shares. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Citigroup dropped their price target on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Canaccord Genuity Group decreased their price objective on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, June 25th. Finally, Roth Mkm restated a “buy” rating and set a $50.00 price objective on shares of Wolfspeed in a report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.43.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley acquired 1,866 shares of Wolfspeed stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $27.05 per share, with a total value of $50,475.30. Following the completion of the purchase, the director now owns 13,297 shares in the company, valued at $359,683.85. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Wolfspeed Stock Performance

Shares of WOLF traded up $0.89 during trading hours on Friday, hitting $19.23. The company’s stock had a trading volume of 3,627,196 shares, compared to its average volume of 3,186,264. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -2.98 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The business has a 50 day simple moving average of $24.77 and a two-hundred day simple moving average of $26.71. Wolfspeed, Inc. has a 52-week low of $18.10 and a 52-week high of $66.22.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.03. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. On average, equities analysts expect that Wolfspeed, Inc. will post -3.21 earnings per share for the current fiscal year.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.